<SEC-DOCUMENT>0000088053-16-002618.txt : 20160927
<SEC-HEADER>0000088053-16-002618.hdr.sgml : 20160927
<ACCEPTANCE-DATETIME>20160927102632
ACCESSION NUMBER:		0000088053-16-002618
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160731
FILED AS OF DATE:		20160927
DATE AS OF CHANGE:		20160927
EFFECTIVENESS DATE:		20160927

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTRAL EUROPE, RUSSIA & TURKEY FUND, INC.
		CENTRAL INDEX KEY:			0000860489
		IRS NUMBER:				133556099
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06041
		FILM NUMBER:		161903562

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPE & RUSSIA FUND, INC.
		DATE OF NAME CHANGE:	20070108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPE & RUSSIA FUND INC
		DATE OF NAME CHANGE:	20030723

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPEAN EQUITY FUND INC /MD/
		DATE OF NAME CHANGE:	19970429
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>nq073116ceeinc.htm
<DESCRIPTION>THE CENTRAL EUROPE, RUSSIA AND TURKEY FUND, INC.
<TEXT>
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<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, DC 20549</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM N-Q</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MANAGEMENT INVESTMENT COMPANY</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>_______________________________ </B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Investment Company Act file number: 811-06041</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><U>The Central Europe, Russia and Turkey
Fund, Inc.</U></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified
in charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">345 Park Avenue<BR>
<U>New York, NY 10154</U></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices)
(Zip code)</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Paul Schubert</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">60 Wall Street</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>New York, NY 10005</U></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name and address of agent for service)</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Registrant's telephone number, including area code:
<U>(212) 250-3220</U></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Date of fiscal year end: <U>10/31</U></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Date of reporting period: <U>7/31/2016</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 1.</B></FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE OF INVESTMENTS</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The Central Europe, Russia and Turkey Fund, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Schedule of Investments<FONT STYLE="font-size: 6pt"> </FONT>as of
July 31, 2016 (Unaudited)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Shares</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Russia&nbsp;&nbsp;47.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Common Stocks&nbsp;&nbsp;43.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Commercial Banks&nbsp;&nbsp;9.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Bank St Petersburg&nbsp;&nbsp;PJSC</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">2,180,620</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;1,921,998&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Sberbank of Russia PJSC</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">2,000,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;4,203,600&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Sberbank of Russia PJSC (ADR)</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">1,050,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;9,136,050&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;15,261,648&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Diversified Financial Services&nbsp;&nbsp;1.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Moscow Exchange MICEX-RTS PJSC</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">950,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>1,628,870</B>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Diversified Telecommunication Services&nbsp;&nbsp;0.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Rostelecom PJSC</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">800,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>1,033,200</B>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Food &amp; Staples Retailing&nbsp;&nbsp;5.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Magnit PJSC</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">38,500</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;5,937,505&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">X5 Retail Group NV (GDR) (Registered)*</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">159,529</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;3,477,732&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;9,415,237&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Metals &amp; Mining&nbsp;&nbsp;1.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">MMC Norilsk Nickel PJSC (ADR)</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">165,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>2,422,200&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Oil, Gas &amp; Consumable Fuels&nbsp;&nbsp;24.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Gazprom PAO (ADR)</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">3,583,774</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;14,722,144&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Lukoil PJSC (ADR)<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">375,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;16,218,000&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Novatek OAO (GDR) (Registered)</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">77,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;7,684,600&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Tatneft PAO (ADR)</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">75,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;2,118,750&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;40,743,494&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Wireless Telecommunication Services&nbsp;&nbsp;1.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">Mobile Telesystems PJSC (ADR)</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">260,527</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>2,303,059&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Preferred Stocks&nbsp;&nbsp;3.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Commercial Banks&nbsp;&nbsp;1.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Sberbank of Russia PJSC (Cost $2,565,442)&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,600,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;2,387,840&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Oil, Gas &amp; Consumable Fuels&nbsp;&nbsp;2.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">AK Transneft OAO (Cost $1,906,145)&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">700</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;1,760,474&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Surgutneftegas OAO (Cost $2,813,276)&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">4,600,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;2,265,040&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;4,025,514&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Russia</B> (Cost $74,332,508)</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;79,221,062&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Poland&nbsp;&nbsp;19.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Common Stocks&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Commercial Banks&nbsp;&nbsp;3.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Bank Millennium SA*</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">300,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;352,470&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Bank Zachodni WBK SA<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">32,500</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;2,334,411&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Powszechna Kasa Oszczednosci Bank Polski SA*</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">455,772</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;2,782,662&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;5,469,543&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Diversified Telecommunication Services&nbsp;&nbsp;1.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Orange Polska SA</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">2,200,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;3,041,917&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Electric Utilities&nbsp;&nbsp;2.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">PGE Polska Grupa Energetyczna SA</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">923,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;3,030,732&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Tauron Polska Energia SA*</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">1,400,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;1,106,152&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;4,136,884&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Food &amp; Staples Retailing&nbsp;&nbsp;1.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Eurocash SA</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">210,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>2,817,454</B>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Insurance&nbsp;&nbsp;3.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Powszechny Zaklad Ubezpieczen SA</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">775,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>5,606,434&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Media&nbsp;&nbsp;1.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Cyfrowy Polsat SA*</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">370,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>2,237,161&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Shares</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Metals &amp; Mining&nbsp;&nbsp;1.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">KGHM Polska Miedz SA</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">84,846</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>1,709,674&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Oil, Gas &amp; Consumable Fuels&nbsp;&nbsp;3.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Grupa Lotos SA*</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">100,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;749,320&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Polski Koncern Naftowy Orlen SA</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">210,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;3,364,245&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Polskie Gornictwo Naftowe i Gazownictwo SA<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">1,700,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;2,359,294&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;6,472,859&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Poland</B> (Cost $37,114,624)</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;31,491,926&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Turkey&nbsp;&nbsp;12.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Common Stocks&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Airlines&nbsp;&nbsp;0.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Turk Hava Yollari AO*<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">765,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>1,322,317</B>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Chemicals&nbsp;&nbsp;1.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Gubre Fabrikalari TAS<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">900,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;1,636,911&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Soda Sanayii AS</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">568,181</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;776,951&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;2,413,862&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Commercial Banks&nbsp;&nbsp;7.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Akbank TAS</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">1,358,008</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;3,496,042&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Turkiye Garanti Bankasi AS</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">1,600,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;3,921,097&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Turkiye Halk Bankasi AS</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">885,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;2,325,677&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Turkiye Is Bankasi</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">1,079,748</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;1,660,595&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Turkiye Vakiflar Bankasi TAO<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">193,519</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;285,976&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;11,689,387&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Diversified Telecommunication Services&nbsp;&nbsp;0.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Turk Telekomunikasyon AS</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">540,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;1,090,471&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Gas Utilities&nbsp;&nbsp;1.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Aygaz AS</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">450,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>1,691,073&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Industrial Conglomerates&nbsp;&nbsp;0.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">KOC Holding AS</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">305,779</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;1,308,583&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Oil, Gas &amp; Consumable Fuels&nbsp;&nbsp;0.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">Tupras Turkiye Petrol Rafinerileri AS</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">63,083</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>1,346,657&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Turkey</B> (Cost $23,866,919)</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;20,862,350&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Czech Republic&nbsp;&nbsp;5.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Common Stocks&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Commercial Banks&nbsp;&nbsp;1.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Moneta Money Bank AS*</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">975,806</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;3,006,544&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Electric Utilities&nbsp;&nbsp;3.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">CEZ AS</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">288,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>5,434,816&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Czech Republic</B> (Cost $9,153,804)</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;8,441,360&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Hungary&nbsp;&nbsp;3.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Common Stocks&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Commercial Banks&nbsp;&nbsp;1.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">OTP Bank PLC</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">75,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;1,826,218&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Oil, Gas &amp; Consumable Fuels&nbsp;&nbsp;0.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">MOL Hungarian Oil &amp; Gas PLC</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">16,607</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<B>1,041,070&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Pharmaceuticals&nbsp;&nbsp;1.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">Richter Gedeon Nyrt</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">105,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;2,218,629&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Hungary</B> (Cost $4,227,764)</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;5,085,917&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Austria&nbsp;&nbsp;0.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Common Stocks&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Commercial Banks&nbsp;&nbsp;0.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Raiffeisen Bank International AG* (Cost $1,807,044)</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">120,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;1,583,513&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Shares</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Kazakhstan&nbsp;&nbsp;0.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Common Stocks&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Metals &amp; Mining&nbsp;&nbsp;0.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">GoldBridges Global Resources PLC*(Cost $1,824,443)&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">50,000,000</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;1,360,892&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Securities Lending Collateral&nbsp;&nbsp;5.3%</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Daily Assets Fund &quot;Capital Shares&quot;, 0.51% (Cost $8,757,093)<SUP>(a)(b)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 12.2pt; text-align: right; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt">8,757,093</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;8,757,093&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Cash Equivalents&nbsp;&nbsp;10.5%</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">&nbsp;Deutsche Central Cash Management Government Fund, 0.38%&nbsp;&nbsp;<BR>
(Cost $17,488,132)<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt">17,488,132</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;17,488,132&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>% of Net Assets</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt"><B>Total Investments Portfolio</B> (Cost $178,572,331)<SUP>**</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>105.0%</B></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;174,292,245&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt"><B>Other Assets and Liabilities, Net</B></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>(5.0%)</B></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;(8,277,203)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Net Assets</B></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right; border-top: Black 1pt solid"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>&nbsp;166,015,042&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 4%; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 96%; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Non-income producing security.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">**</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">The cost for federal income tax purposes was $184,011,228. At July 31, 2016, net unrealized depreciation for all securities based on tax cost was $9,718,983. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $16,338,097 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $26,057,080.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">&dagger;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">All or a portion of these securities were on loan. The value of all securities loaned at July 31, 2016 amounted to $8,531,245, which is 5.1% of net assets.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">ADR: American Depositary Receipt</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">GDR: Global Depositary Receipt </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">PJSC: Public Joint Stock Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of its industry concentration
policy, the Fund classifies issuers of portfolio securities at the industry sub-group level. Certain of the categories in the above Schedule of Investments consist of multiple industry sub-groups
or industries.</P>



<P ALIGN="LEFT" STYLE="font: 8pt Times New Roman"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 8pt Times New Roman"><B>Fair Value Measurements</B></P>

<P ALIGN="LEFT" STYLE="font-size: 8pt">Various inputs are used in determining the value of the Fund&rsquo;s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund&rsquo;s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk associated with investing in those securities.</P>

<P ALIGN="LEFT" STYLE="font-size: 8pt">The
following is a summary of the inputs used as of July 31, 2016 in valuing the Fund&rsquo;s investments.&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Level 1</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Level 2</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Level 3</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Common Stocks and/or Other Equity Investments (c)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 42%; padding-right: 0.5pt; padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">Russia</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 4pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">79,221,062&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 4.8pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">79,221,062&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">Poland</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">31,491,926&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">31,491,926&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">Turkey</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">20,862,350&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">20,862,350&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">Czech Republic</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">8,441,360&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">8,441,360&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">Hungary</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">5,085,917&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">5,085,917&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">Austria</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">1,583,513&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">1,583,513&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 9pt">Kazakhstan</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">1,360,892&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">1,360,892&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.05in"><FONT STYLE="font-size: 9pt">Short-Term Instruments (c)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">26,245,225&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.05in; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 9pt">26,245,225&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8.5pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.85pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8.5pt"><B>174,292,245</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8.5pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-size: 8.5pt"><B>&nbsp;<FONT STYLE="font-family: Univers-Bold,serif">&mdash;</FONT></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8.5pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8.5pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4.8pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8.5pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 4pt; padding-left: 0.5pt; text-align: right"><FONT STYLE="font-family: Univers-Bold,serif; font-size: 8.5pt"><B>174,292,245&nbsp;</B></FONT></TD></TR>
</TABLE>
<P ALIGN="LEFT">&nbsp;</P>


<P ALIGN="LEFT"><FONT STYLE="font-size: 9pt">There have been no transfers between fair value measurement levels during the period ended July 31, 2016.</FONT></P>
<P ALIGN="LEFT">&nbsp;<FONT STYLE="font-size: 8pt">(c) See Schedule of Investments for additional detailed categorizations.</FONT></P>

<P STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 2.</B></FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CONTROLS AND PROCEDURES</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a) &#9;The Chief Executive and Financial Officers concluded that the Registrant&rsquo;s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b) &#9;There have been no changes in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal controls over financial reporting.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 3.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>EXHIBITS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>





<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Registrant:</FONT></TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The Central Europe, Russia and Turkey Fund, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Brian E. Binder</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Brian E. Binder</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><FONT STYLE="font-size: 10pt">September 22, 2016</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant
and in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Brian E. Binder</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Brian E. Binder</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">September 22, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Paul Schubert</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Paul Schubert</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer and Treasurer</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">September 22, 2016</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">CERTIFICATIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">I, Brian E. Binder, certify that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>I have reviewed this report on Form N-Q of The Central Europe, Russia and Turkey Fund, Inc.;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments
of the registrant as of the end of the fiscal quarter for which the report is filed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report, based on such evaluation; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.</TD><TD>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 69%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Brian E. Binder</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Brian E. Binder</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><FONT STYLE="font-size: 10pt">September 22, 2016</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: -2in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-right: 0; margin-left: 0">CERTIFICATIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">I, Paul Schubert, certify that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>I have reviewed this report on Form N-Q of The Central Europe, Russia and Turkey Fund, Inc.;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments
of the registrant as of the end of the fiscal quarter for which the report is filed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report, based on such evaluation; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.</TD><TD>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 69%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Paul Schubert</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Paul Schubert</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer and Treasurer</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">September 22, 2016</FONT></TD></TR>
</TABLE>


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